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Deutsche Telekom shares climbed on Thursday after reports that activist investor Elliott Investment Management had accumulated a significant stake in the German telecom giant and was pushing the company to reconsider a potential full merger with T-Mobile US.
T-Mobile US shares also gained, closing 2.8% higher at $187.30 on Wednesday. According to Bloomberg, Elliott favors larger Deutsche Telekom share buybacks instead of pursuing a complete combination with its U.S. subsidiary.
The development has renewed investor attention on the long-running uncertainty surrounding a possible Deutsche Telekom-T-Mobile merger. J.P. Morgan analyst Akhil Dattani said speculation about activist involvement alone was enough to boost the German company's shares.
Dattani described Deutsche Telekom as significantly undervalued relative to its double-digit earnings-per-share growth outlook, arguing that several strategic uncertainties have weighed on its valuation. Elliott's involvement could pressure management to either explain the financial and strategic benefits of a T-Mobile transaction or formally abandon the idea.
Deutsche Telekom has already authorized share repurchases of up to €5 billion ($5.8 billion), equivalent to approximately 4% of its shares, this year. While expanding the buyback could improve shareholder returns, Dattani said it would not fully eliminate broader strategic concerns.
Deutsche Telekom owns roughly 53% of T-Mobile US, and CEO Tim Hoettges has pursued a full combination with the American wireless operator since at least April 2026. Such a transaction would potentially create the world's largest wireless company by market capitalization.
However, Deutsche Telekom shares have declined about 9% in Frankfurt over the past year, leaving the company valued at approximately €138 billion ($160 billion).
The exact size of Elliott's Deutsche Telekom stake remains undisclosed. German regulations require investors to report holdings once they reach 3%, potentially providing future confirmation.
The activist pressure follows a July report that T-Mobile executives no longer supported the proposed roughly $300 billion merger because of shareholder concerns and regulatory risks. U.S. regulators were also expected to demand that T-Mobile revenue remain invested domestically, potentially weakening the strategic case for a full combination.
